'Dogecoin Killer' Shiba Inu Sees Burn Rate Explode By 1900%, Erasing 102 Million Tokens In A Day
Portfolio Pulse from Mehab Qureshi
Shiba Inu (SHIB) experienced a significant increase in its token burn rate, surging by 1900% and removing over 102 million SHIB tokens from supply in the last 24 hours. A large transaction accounted for the destruction of over 93 million SHIB tokens. This event coincides with a 30% increase in Shiba Inu's Open Interest and a bullish sentiment among traders, particularly on the OKX platform, where the long versus short ratio stands at 2.34. The SHIB community anticipates the launch of the K9 Finance Liquid Staking Derivatives platform and an auto-burning feature to further reduce SHIB's token supply. Additionally, Shibarium developers introduced a dual-component burning mechanism using BONE token fees for manual burns. SHIB's price rose by 5.22% in the last 24 hours.
February 28, 2024 | 10:27 am
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Shiba Inu (SHIB) saw a 1900% increase in its token burn rate, removing over 102 million tokens from supply, alongside a 5.22% price increase in the last 24 hours.
The significant increase in SHIB's burn rate and the subsequent removal of a large number of tokens from supply likely contributed to the positive price action. The community's anticipation of new features and platforms that could further reduce the token supply adds to the bullish sentiment, supporting a potential short-term upward price movement.
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